Demand For Ripple (XRP) Rebounds

The demand for Ripple’s native cryptocurrency, XRP, has seen a sharp rebound in top cryptocurrency exchanges in the US. The recent ruling in favor of Ripple has raised its prospects against the SEC lawsuit. This development is bringing optimism to the cryptocurrency market, making the altcoin attract positive sentiments.

Kaiko Analytics shared a report showing that demand for XRP rose from less than 2% to 14% in a month. The rebound in demand for Ripple’s native token is a testament to investors’ optimism about XRP’s price prospects.

Also Read: VeChain & Cardano Price Prediction For August 2024

Ripple: XRP Experiences Increased Investor’s Interest

A handful of cryptocurrency exchanges had de-listed XRP during the SEC vs Ripple lawsuit. They re-listed the altcoin last year during the landmark ruling that concluded that XRP is not a security. The pent-up trader interest blossomed after the re-listing, making the altcoin see a rebound in investors’ interest.

Also Read: BRICS: US Markets Could Face Substantial Losses, Analyst Declares

“Since last year’s landmark court ruling, which granted Ripple Labs a partial victory against the SEC, demand for XRP in US markets has grown steadily. The share of US platforms in global XRP volume has increased from less than 2% to 14% over the past year, matching levels from before the SEC suit,” wrote Kaiko Analytics.

They added, “The summary judgment stated that Ripple’s XRP sales through secondary trading platforms were not securities transactions, although direct sales to institutional investors were. Following the ruling, several US exchanges, including Coinbase and Gemini, relisted XRP, releasing pent-up demand from US traders. Ripple’s ongoing legal battle with the U.S. SEC continues to fuel XRP’s volatility.”

Also Read: Shiba Inu: How To Make $1 Million If SHIB Reclaims $0.000086?

If the demand for Ripple’s native token continues, the chances of it climbing above $0.7 remain high. It is already up close to 22% in the 30 days and could continue with the momentum. The recent market crash caused its price to fall, but Altcoin is recovering slowly.